Enphase Energy, Inc.

Technology
Semiconductors
www.enphase.com

Earnings Score
Moat Score
Safety Score

Market Cap $10.34B
PE 168
Debt $1.40B
Cash $256.33M
EV $11.48B
FCF $336.24M

Earnings

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Sales & Net Margins

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Earnings	$61.42M
EBIT	$62.69M
ROE	7%
ROA	2%
FCF	$336.24M
Equity	$931.37M
Growth Stability	100%
PE	168.35
PEG	14.39
PB	11.1
P/FCF	30.75
P/S	8.27
Price/Cash	0.02
Debt/Equity	1.5
Debt/FCF	4.16
Net Margins	4%
Gross Margins	46%
Op. Margins	5%
Earnings CAGR	11%
Sales Growth YoY	-31%
Sales Growth QoQ	26%
Sales CAGR	33%
FCF CAGR	63%
Equity CAGR	58%
Earnings Stability	0.1
Earnings Growth YoY	-60%
Earnings Growth QoQ	322%

Earnings CAGR 5Y	12%
Sales CAGR 5Y	31%
FCF CAGR 5Y	36%
Equity CAGR 5Y	28%
Earnings CAGR 3Y	-0%
Sales CAGR 3Y	-0%
FCF CAGR 3Y	0%
Equity CAGR 3Y	43%
Market Cap	$10.34B
Revenue	$1.25B
Assets	$3.26B
Total Debt	$1.40B
Cash	$256.33M
Shares Outstanding	135.08M
EV	11.48B
Earnings Score	8%
Moat Score	58%
Safety Score	84%
Final Score	50%
Working Capital	1.79B
Current Ratio	4.16
Gross Profit	$577.51M
Shares Growth 3y	0%
Equity Growth QoQ	5%
Equity Growth YoY	-8%

Assets & ROA

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Stockholders Equity & ROE

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Enphase Energy is a global energy technology company. The company delivers smart, easy-to-use solutions that manage solar generation, storage, and communication on one platform. The company's microinverter technology primarily serves the rooftop solar market and produces a fully integrated solar-plus-storage solution. Geographically, it derives a majority of revenue from the United States.

SEC Filings

Direct access to Enphase Energy, Inc. (ENPH) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Enphase Energy, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Enphase Energy, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 11%

Stability 10%

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Enphase Energy, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Enphase Energy, Inc..

Years

Calculation mode

= $229B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$336M	$550M	$898M	$1.5B	$2.4B	$3.9B	$6.4B	$10B	$17B	$28B	$46B	$458B
DCF		$500M	$742M	$1.1B	$1.6B	$2.4B	$3.6B	$5.4B	$8B	$12B	$18B	$177B
Value	$229B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	-2%	-6%	-21%	-16%	-4%	26%	17%	11%	17%	19%	4%
ROA	-	-13%	-38%	-23%	0%	14%	16%	10%	15%	15%	2%
ROE	-	-53%	-5K%	495%	-150%	59%	28%	34%	48%	45%	7%

Bad Net Margins (4.27%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-0	-0.62	-2.06	11.51	0.87	3.36	3.75	1.98	2.21	4.16
Debt over Equity	0	0	21.56	-7.36	17.74	0.4	1.36	2.61	1.67	1.32	1.5
Growth Stability	-	-	-	-	-	-	100%	100%	100%	100%	100%

Bad Debt/FCF ratio (4.16)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Bad Debt/Equity ratio (1.5)

The company is overleveraged and has a bad balance between equity and debt.

Good Graham’s Stability (100%)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	4%	-10%	-11%	10%	97%	24%	78%	69%	-2%	31%
Earnings YoY growth	-	174%	206%	-33%	-74%	-1K%	-17%	9%	173%	10%	12%
Equity YoY growth	-	-12%	-97%	-802%	-185%	3K%	78%	-11%	92%	19%	28%
FCF YoY growth	-	-407%	34%	-28%	-137%	937%	58%	53%	133%	-16%	36%